KARACHI, May 5: An accountability court sentenced on Wednesday Abdul Qadir Tawakkal, a business tycoon, to a 10-year term in a corruption reference. Judge Mrs Qaiser Iqbal of AC-1, also imposed a fine of Rs96.563 million on the convict
, who would have to undergo an additional three-year term in case of default on the payment.
According to prosecution, the directors of the Tawakkal Group dishonestly presented 22 "export documents" of Rs67.138 million drawn against the LCs of East Mediterranean Trust and Banking Corporation Turkey for negotiation.
They obtained funds from the Allied Bank against the export documents and submitted them to the two forging concerns for payment. However, the bank failed to make the payment of these bills, thereby causing a loss of Rs96.563 million to the Allied Bank.
The absconding directors were: Mohammed Yousuf Tawakkal, Mohammed Rafiq Tawakkal, Mohammed Sohail Tawakkal, Mohammed Farooq Tawakkal, Mohammed Junail Tawakkal and Ali Hussain Moooni. The judge ordered that the case against the absconding directors be kept on dormant till their arrest.
